In September, we'll likely see the culmination of three major economic policy storylines that have been building in recent weeks and months.

First and foremost on the minds of financial market participants is the Federal Reserve's monetary policy meeting on September 18, upon conclusion of which the FOMC is expected to announce a reduction in the pace of its monthly bond purchases to $65 billion.

(The central bank has been buying $85 billion of bonds every month since September 2012, and hints that it may begin to taper the pace of these purchases beginning this September caused a big sell-off in the Treasury market in May and June.)

Another issue that has taken the media by storm in recent weeks is who President Obama is likely to nominate to replace Fed Chairman Ben Bernanke when his term expires in January. Two candidates – current Fed Vice Chair Janet Yellen and former U.S. Treasury Secretary Larry Summers – are thought to be the frontrunners.

While relatively little is known about Summers's stance on monetary policy, Yellen is an outspoken advocate of the Fed's current course of action.